Bank of Scotland Corporate, a subsidiary of HboS, one of the UK’s largest banks, has funded the £55 million (€81.9 million; $107.8 million) management buyout of Willis & Gambier, a UK wooden furniture company. The bank’s purchase price was not disclosed but a spokesman said that the £55 million investment included debt. The management will hold a majority equity stake while Bank of Scotland Corporate will hold a minority stake of between 15 percent and thirty percent.
Grant Thornton and London-based law firm Berwin Leighton Paisner advised the management and the vendors.
Deloitte provided financial and commercial due diligence to Bank of Scotland Corporate while Osborne Clarke gave legal advice.
Earlier this week Bank of Scotland Corporate sold Town Centre Restaurants, a restaurant company, which operates in shopping centers, to Gresham, a mid-market private equity company, for £48 million.